UK's GDP rises by 0.5% in May - Breaking The News

UK's GDP rises by 0.5% in May

13 July

1 min read

EPA-EFE/NEIL HALL

United Kingdom's gross national product (GDP) rose by 0.5% in May this year, the Office for National Statistics reported on Wednesday, adding that in the three months period to May 2022 UK GDP grew by 0.4%. In the 12 months to May the parameter saw a rise of 3.5%, the report read.

Output in general mostly increased, with the output in consumer-facing services falling by 0.1% in May 2022. Services output rose by 0.4% in the same month, production went up by 0.9%, and construction rose by 1.5%, marking its seventh consecutive month of growth.

Monthly real gross domestic product (GDP) saw a rise of 0.5% in May, and ''is now estimated to be 1.7% above its pre-coronavirus (COVID-19) pandemic levels (February 2020),'' the Office for National Statistics explained.

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